senior mortgage
- It's a type of loan that has the topmost priority for payment when the borrower fulfills their debts
- The bank retained the rights to the senior mortgage on the property, ensuring they would be paid first in case of foreclosure.
- When the company went bankrupt, the senior mortgage was paid off first from the liquidated assets.
- The creditor with the senior mortgage receives his money before other creditors in case of a property sale.
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